NPDC, TET And PWT Announce Sale Of Powerco Stake To Prime Infrastructure
9 Aug 2004
New Plymouth District Council, Taranaki Electricity Trust and Powerco Wanganui Trust announced earlier today that they had agreed to accept an offer to sell their combined 53 percent holding in Powerco Limited to Prime Infrastructure.Powerco anticipates that it will shortly receive a notice of takeover offer from Prime Infrastructure, pursuant to the New Zealand Takeovers Code.
Powerco will respond to the takeover offer in accordance with the Takeovers Code, and will be providing a Target Company Statement to all shareholders which will include a recommendation from Powerco directors on whether shareholders should accept the offer.
Powerco's response will be overseen by the directors of the company, who are all independent directors.
Powerco expects to shortly engage an Independent Adviser to provide a report on the merits of the offer, as required under the Takeovers Code. This report, or a summary of it, will be sent to all shareholders.
Powerco will make further announcements as information becomes available.
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